william-hill-warns-prime-minister-over-fobts-rule-change

William Hill warns prime minister over FOBTs rule change
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15 May 2018

ByDominic O'Connell Today Programme Business Correspondent
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The chairman of bookmaker William Hill has alerted the prime minister his firm threats being bought by a foreign competitor if it is compromised by brand-new wagering guidelines.

In a letter to Theresa May, Roger Devlin stated changes to the quantity that can be banked on High Street gambling makers might strike jobs and profits.

The federal government is expected to reveal imminently a decision on its evaluation fixed-odds wagering terminals.

He proposed tougher rules on adverts and a levy to assist issue bettors.

Currently, fixed-odds betting terminals (FOBTs) enable gamers to stake approximately ₤ 100 every 20 seconds.
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A review's interim findings recommended cutting the optimal stakes to ₤ 30, but there have been reports that the quantity might be cut to simply ₤ 2.

Anti-gambling advocates, who have actually called the fixed-odds machines the "fracture cocaine" of betting, support the relocation.
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Bookies, however, have warned that such a cut would lead to the closure of countless outlets, a big decrease in tax paid to the Treasury, and would have ripple effects on the yohaig code horse racing industry.

'Catastrophic'

Bookmakers support horse racing through an industry levy and offering reward cash.

Mr Devlin's letter, initially reported by Sky News and seen by the BBC, said UK gambling was "incredibly well regulated".

He composed: "Sadly, I fear that your federal government is about to decide that is unneeded and lacking in evidence - a choice that will likewise be devastating for a retail betting market utilizing over 40,000 people."

"Consolidation within our sector continues and I would also not wish to see the impact of a disproportionate ... result being a consider the name of William Hill being contributed to the list of companies now in foreign ownership," he stated.
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Mr Devlin stated William Hill a restriction on betting marketing on tv before the yohaig code watershed, and a levy on the industry to pay for education and treatment of issue gamblers.

Mr Devlin, who was appointed chairman of the yohaig code bookie earlier this promotion code year, is also chairman of the housebuilder Persimmon, which has actually been racked with controversy over a generous executive pay plan.

Shares in William Hill have been hit hard by worries that fixed-odds stakes would be cut, falling dramatically last month on reports that the chancellor, Philip Hammond, would not oppose the relocation.
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On Monday, however. William Hill shares leapt after the US Supreme Court handed down a ruling that would permit states to legalise sports wagering, opening up a huge possible new market to gambling business.

High stakes for fixed-odds wagering makers
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